Climate Change Risks to the Insurance Sector

Overview

The objectives of this Issues Paper are to raise awareness for insurers and supervisors of the challenges presented by climate change, including current and contemplated supervisory approaches for addressing these risks.

This paper offers:

  • an overview of how climate change is currently affecting and may affect the insurance sector now and in the future
  • examples of current material risks and impacts across underwriting and investment activities, and
    describes how these risks and impacts may be of relevance for the supervision and regulation
    of the sector.
  • exploration of potential and contemplated supervisory responses and reviews observed practices in different jurisdictions.

In doing so, it identifies gaps and emerging areas which need to be resolved to allow for effective supervision.

Finally, the paper offers preliminary insights from practice, and initial conclusions relating to the supervision of climate
change risks to the insurance sector.

We thank IAIS for sharing this report with our audience.

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